Answers

A mortgage is a loan secured by a property/house and paid in installments over a set period of time. Typically in Canada, they can range from 6 months to 35yrs. The mortgage secures your promise that the money borrowed will be repaid. For most of us, a mortgage is the largest and most serious financial obligation we ever make.

A loan to finance the purchase of real estate, usually with specified payment periods and interest rates. The borrower (mortgagor) gives the lender (mortgagee) a lien on the property as collateral for the loan.